Accounting for Revenue from Contracts with Customers 7

image CHAPTER OBJECTIVES

This chapter will help the readers to:

  • Identify issues involved in revenue recognition from contracts with customers
  • Apply accrual principle on revenue recognition.
  • Analyze the impact of uncertainty on revenue recognition.
  • Get familiarity with the key requirement of Ind AS 115 ‘Revenue from contracts with customers’ and Ind AS 21 ‘The effects of changes in foreign exchange rates’ on revenue recognition.

7.1REVENUE

The expression revenue means the consideration earned by an enterprise by sale of goods or provision of services in the ordinary course of business ...

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